What to look for in a home business

In starting a business, you also want to look at the barriers to entry. Even though starting a consulting business is cheap, it’s hard for just anyone to hang out their shingle and copy your business. That’s because consulting depends on knowledge. If you position your business to draw from your unique knowledge, you’ll create a barrier to entry for copycats. For example, when I started in freelance writing, I carved out a niche in writing marketing communications materials for high tech companies. Few writers have the skills to do marketing communications, let alone understand high tech subjects. Not only did I have few competitors, but my specialized knowledge allowed me to command high consulting fees.